Vol. 27 No. 36

Week Ending
5th September 2025

Weekly Economic
Highlights
TABLE OF CONTENTS


GOLD PM FIX, MOSI-OA-TUNYA GOLD COINS AND
7.
8.

1. OVERVIEW
This report provides a synopsis of key developments in the monetary and financial sectors of the economy for
the week ending 5th September 2025. It encompasses updates on domestic money and capital markets, national
payment systems, exchange rates, international commodity prices and tobacco sales.
During the week under review, foreign and local currency deposit rates largely remained unchanged, except
for the maximum deposits rates for all tenors which increased. The local currency lending rates increased for
all clients save for corporate clients’ minimum rates which declined. Foreign currency minimum lending rates
for individual clients increased while those for corporate clients declined during the same week. Maximum
foreign currency lending rates for individual clients decreased while those for corporates clients increased,
during the same week.
On the capital markets, the Zimbabwe Stock Exchange (ZSE) exhibited bearish trends during the week under
review. Consequently, the ZSE All Share Index fell by 0.22% to close at 208.27 points. However, the Victoria
Falls Stock Exchange (VFEX), had a bullish performance, with the VFEX All Share Index adding 0.92% to
close at 127.69 points.
The total value of transactions processed through the National Payment Systems platforms decreased by
7.04% from ZiG40.58 billion reported the previous week to ZiG37.73 billion, during the week under review.
The decline was due to the decline in values of transactions processed through the RTGS systems. The volume
of transactions processed increased by 7.31% from 15.31 million in the previous week to 16.43 million during
the week ending 5 September 2025.
During the week under analysis, the average ZiG/US$ exchange rate appreciated by 0.12% on the interbank
market, from ZiG26.76/US$1 recorded in the previous week to ZiG26,73/US$1.
On the external front, international average prices for all selected commodities increased. The increase in gold
and platinum prices was primarily supported by growing investor expectations for a US Federal Reserve
interest rate cut, following weak labour market data. Lithium prices rose due to supply concerns following the
shutdown of China’s Jianxiawo mine, which reduced global supply by about 3%.
The price surge in palladium was on account of growing risks of U.S. tariffs on Russian palladium imports,
coupled with the escalating geopolitical tensions. Nickel prices increased amid declining inventory levels in
the London Metal Exchange (LME) warehouses, especially in regions with high consumption, which indicated
a tightening market.
As the 2025 tobacco selling season draws to a close, cumulative tobacco sales rose by 53.04%, to 354.85
million kilograms as of 4 September 2025, from 231.87 million kilograms sold during the same period in
2024. Sales revenue rose by 48.40% to US$1.18 billion this year, from US$0.79 billion in 2024. The average
price of the golden leaf decreased by 2.92% to US$3.32 per kg, during the period under review, from US$3.42
per kg recorded in the same period last year.

2. INTEREST RATES

Average commercial bank deposit rates (Local Currency (ZiG) (%)
ZiG Deposit rates
15 August 2025
22 August 2025
29 August
05 Sept 2025
Savings


Minimum

Maximum

1-month deposit


Minimum

Maximum

3-months deposit


Minimum

Maximum

6-months deposit


Minimum

Maximum

12-months deposit


Minimum

Maximum

Over 1 year


Minimum

Maximum

Source: Reserve Bank of Zimbabwe, 2025


Average commercial bank deposit rates (Foreign Currency (US$) (%)
US$ Deposit rates
15 August 2025
22 August 2025
29 August
05 Sept 2025
Savings


Minimum

Maximum

1-month deposit


Minimum

Maximum

3-month deposit


Minimum

Maximum

6-month deposit


Minimum

Maximum

12-Month deposit


Minimum

Maximum

Over 1 year


Minimum

Maximum

Source: Reserve Bank of Zimbabwe, 2025

Commercial bank weighted lending rates (Local Currency (ZiG) (%)
ZiG Lending rates
15 August 2025
22 August 2025
29 August
05 Sept 2025
Individuals


Minimum

Maximum

Corporates


Minimum

Maximum

Source: Reserve Bank of Zimbabwe, 2025


Commercial bank weighted lending rates (Foreign Currency (US$) (%)
US$ Lending rates
15 August 2025
22 August 2025
29 August
05 Sept 2025
Individuals


Minimum

Maximum

Corporates


Minimum

Maximum

Source: Reserve Bank of Zimbabwe, 2025


Commercial banks and building societies mortgage lending rates (%)
Mortgage Lending
rates
15 August 2025
22 August 2025
29 August
05 Sept 2025
ZiG Lending rates


Minimum

Maximum

US$ Lending rates


Minimum

Maximum

Source: Reserve Bank of Zimbabwe, 2025

3. EQUITY MARKETS

ZSE Indicators


All Share
Index
(points)
Top 10
Index
(points)
Top 15
Index
(points)
Medium Cap
(points)
Small Cap
(points)
Mining
Index
(points)
Grand
Market Cap
(ZiG billion)
Market
Turnover
(ZiG million)
Volume of
Shares
(million)
15-Aug-25

22-Aug-25

29-Aug-25

05-Sept-25

Weekly
Change (%)

Source: Zimbabwe Stock Exchange, 2025

VFEX Indicators
Date

All Share Index
Points
Grand Market Capitalisation
(US$ billion)
Market Turnover (US$
million)
Volume of Shares (million)
15-Aug-25

22-Aug-25

29-Aug-25

05-Sept-25

Weekly Change (%)

Source: Victoria Falls Stock Exchange, 2025

Figure 1: ZSE and VFEX Indicators


Source: Zimbabwe Stock Exchange and Victoria Falls Stock Exchange, 2025

13-Jun-25
20-Jun-25
27-Jun-25
04-Jul-25
11-Jul-25
18-Jul-25
25-Jul-25
01-Aug-25
08-Aug-25
15-Aug-25
22-Aug-25
29-Aug-25
05-Sep-25
Indices
ZSE Indices
All Share Index (ZSE)
Top 10 Index
Mining Index

13-Jun-25
20-Jun-25
27-Jun-25
04-Jul-25
11-Jul-25
18-Jul-25
25-Jul-25
01-Aug-25
08-Aug-25
15-Aug-25
22-Aug-25
29-Aug-25
05-Sep-25
ZiG Billion
ZSE Market Capitalisation

13-Jun-25
20-Jun-25
27-Jun-25
04-Jul-25
11-Jul-25
18-Jul-25
25-Jul-25
01-Aug-25
08-Aug-25
15-Aug-25
22-Aug-25
29-Aug-25
05-Sep-25
Index
VFEX All Share Index

13-Jun-25
20-Jun-25
27-Jun-25
04-Jul-25
11-Jul-25
18-Jul-25
25-Jul-25
01-Aug-25
08-Aug-25
15-Aug-25
22-Aug-25
29-Aug-25
05-Sep-25
US$ Thousand
VFEX Market Turnover

06-Jun-25
13-Jun-25
20-Jun-25
27-Jun-25
04-Jul-25
11-Jul-25
18-Jul-25
25-Jul-25
01-Aug-25
08-Aug-25
15-Aug-25
22-Aug-25
29-Aug-25
05-Sep-25
US$ Billion
VFEX Market Capitalisation


13-Jun-25
20-Jun-25
27-Jun-25
04-Jul-25
11-Jul-25
18-Jul-25
25-Jul-25
01-Aug-25
08-Aug-25
15-Aug-25
22-Aug-25
29-Aug-25
05-Sep-25
ZiG Thousands
ZSE Market Turnover

4. CLEARING AND SETTLEMENT ACTIVITY
Source: Reserve Bank of Zimbabwe, 2025

5. ENERGY PRICES

Energy Prices

15-Aug 2025
22-Aug 2025
29-Aug 2025
05-Sept 2025
Domestic Energy Prices
US$
US$
US$
US$
Diesel 50/ litre

Petrol Blend E5/ litre

LP Gas / kg


International Energy Prices
(Weekly average)
US$/barrel
US$/barrel
US$/barrel
US$/barrel
Crude Oil Prices

Source: Zimbabwe Energy Regulatory Authority and BBC 2025

6. GOLD PM FIX, MOSI-OA-TUNYA GOLD COINS AND GOLD BACKED DIGITAL TOKENS
(GBDT)

Gold PM Fix and Gold Backed Digital Token Prices
Date
Gold PM Fix
GBDT ZiG Price per Mg
GBDT US$ Price per Mg
US$/oz
Buy
Sell
Buy
Sell
1-Sept-25

2-Sept-25

3-Sept-25

4-Sept-25

5-Sept-25

Source: London Bullion Market Association and Reserve Bank of Zimbabwe, 2025


PAYMENT STREAM
WEEK ENDING
29 Aug 2025
WEEK ENDING
5 September 2025
WEEKLY
CHANGE (%)

VALUES

RTGS
32,645,901,636.64
26,824,544,036.56
(17.83)
Of which ZiG
10,401,322,547.83
8,239,031,988.87
(20.79)
Of which US$ transactions
(ZiG Equivalent)
22,244,579,088.81
18,585,512,047.69
(16.45)
POS
2,416,568,906.80
3,291,087,406.51
36.19
ATM
1,985,760,973.98
2,815,124,559.54
41.77
MOBILE BANKING
223,174,240.00
372,371,767.97
66.85
MOBILE MONEY
3,063,534,858.80
4,080,761,728.18
33.20
ZIPIT MOBILE
248,786,310.95
343,189,416.08
37.95
TOTAL
40,583,726,927.17
37,727,078,914.84
(7.04)

VOLUMES

RTGS
316,408
218,570
(30.92)
Of which ZiG
135,108
84,453
(37.49)
Of which US$
181,300
134,117
(26.02)
POS
1,828,657
2,360,640
29.09
ATM
249,263
340,211
36.49
MOBILE BANKING
318,481
426,706
33.98
MOBILE MONEY
12,354,491
12,759,841
3.28
ZIPIT MOBILE
245,452
325,917
32.78
TOTAL
15,312,752
16,431,885
7.31

Mosi-oa-Tunya Gold Coin Prices
Gold Coin
Price
1-Sept-25
2-Sept-25
3-Sept-25
4-Sept-25
5-Sept-25
1.00Oz


US$

ZiG

0.50Oz


US$

ZiG

0.25Oz


US$

ZiG

0.10Oz


US$

ZiG

Source: Reserve Bank of Zimbabwe, 2025


7. EXTERNAL SECTOR


Exchange Rate Developments (ZiG per Unit of foreign currency)


USD
ZAR
GBP
BWP
EURO
Weekly Average
(25Aug – 29 Aug)

1-Sept-25

2-Sept-25

3-Sept-25

4-Sept-25

5-Sept-25

Weekly Average
(01 Sept – 05 Sept)

26.7289


1.5100

35.9765

1.8612

31.1970
Appr (-)/Depr (+) (%) of the
ZWG

Source: Reserve Bank of Zimbabwe, 2025


International Commodity Prices

Gold
Platinum
Palladium
Nickel
Lithium

US$/oz
US$/ounce
US$/ounce
US$/tonne
US$/tonne
Weekly Average
(25Aug – 29 Aug)

01-Sep

02-Sep

03-Sep

04-Sep

05-Sep

Weekly Average
(01 Sept – 05 Sept)

Weekly change (%)

Source: BBC, KITCO and Bloomberg, 2025

Figure 3: Weekly International Commodity Price Developments (13th June 2025– 05th September 2025)


Source: BBC, KITCO and Bloomberg, 2025


13-Jun
20-Jun
27-Jun
4-Jul
11-Jul
18-Jul
25-Jul
1-Aug
8-Aug
15-Aug
22-Aug
29-Aug
5-Sep
US$/oz
Palladium


13-Jun
20-Jun
27-Jun
4-Jul
11-Jul
18-Jul
25-Jul
1-Aug
8-Aug
15-Aug
22-Aug
29-Aug
5-Sep
US$/tonne
Platinum

13-Jun
20-Jun
27-Jun
4-Jul
11-Jul
18-Jul
25-Jul
1-Aug
8-Aug
15-Aug
22-Aug
29-Aug
5-Sep
US$/tonne
Lithium

13-Jun
20-Jun
27-Jun
4-Jul
11-Jul
18-Jul
25-Jul
1-Aug
8-Aug
15-Aug
22-Aug
29-Aug
5-Sep
US$/tonne
Nickel

13-Jun
20-Jun
27-Jun
4-Jul
11-Jul
18-Jul
25-Jul
1-Aug
8-Aug
15-Aug
22-Aug
29-Aug
5-Sep
US$/barrel
Crude oil

13-Jun
20-Jun
27-Jun
04-Jul
11-Jul
18-Jul
25-Jul
01-Aug
08-Aug
15-Aug
22-Aug
29-Aug
05-Sep
US$/oz
Gold

8. TOBACCO SALES

Weekly Cumulative Tobacco Sales (4th September 2025)

Variance (%)
Cumulative Quantity Sold (Kgs)
354,849,895
231,873,082
53.04
Average Price (US$/kg)
3.32
3.42
(2.92)
Cumulative value (US$)
1,178,377,719
794,071,022
48.40
Source: Tobacco Industry and Marketing Board (TIMB), 2025


RESERVE BANK OF ZIMBABWE
AUGUST 2025